Consider the following inventory transactions for September.
Beginning inventory
17 units @$3.00 Purchase onSeptember 12 28 units @$3.40 Purchased onSeptember 23 9 units @$4.10
For the month of September, the company sold 33 units. What iscost of goods sold under the weighted-average cost method?(Do not round your intermediate calculations. Round theweighted-average unit cost to four decimals if necessary. Roundyour answer to the nearest dollar amount.)
$112
$99
$93
$135
Consider the following inventory transactions for September.
For the month of September, the company sold 33 units. What iscost of goods sold under the weighted-average cost method?(Do not round your intermediate calculations. Round theweighted-average unit cost to four decimals if necessary. Roundyour answer to the nearest dollar amount.) $112 $99 $93 $135 |
Related questions
Assume that Dunk Coffee Shop completed the following periodic inventory transactions for a line of merchandiseâ inventory:
| Jun. | 1 | Beginning merchandise inventory | 25 | units @ | $22 | each |
| 12 | Purchase | 3 | units @ | $24 | each | |
| 20 | Sale | 14 | units @ | $34 | each | |
| 24 | Purchase | 17 | units @ | $28 | each | |
| 29 | Sale | 20 | units @ | $34 | each |
| 1. | Compute ending merchandiseâ inventory, cost of goodsâ sold, and gross profit using the FIFO inventory costing method. |
| 2. | Compute ending merchandiseâ inventory, cost of goodsâ sold, and gross profit using the LIFO inventory costing method. |
| 3. | Compute ending merchandiseâ inventory, cost of goodsâ sold, and gross profit using theâ weighted-average inventory costing method.â (Round weighted-average cost per unit to the nearest cent and all other amounts to the nearestâ dollar.) |
QUESTION: Compute ending merchandiseâ inventory, cost of goodsâ sold, and gross profit using theâ (1) FIFO inventory costingâ method, (2) LIFO inventory costingâ method, andâ (3) weighted-average inventory costing method.â (Round weighted-average cost per unit to the nearest cent and all other amounts to the nearestâ dollar.)
Begin by determining ending merchandise inventory and cost of goods sold under each of the three methods.
| Requirement 1. | ||
| FIFO | ||
| Plus: | ||
| Less: | ||
| Cost of goods sold | ||
| Requirement 2. |
| LIFO |
| Requirement 3. |
| Weighted-Average |
Now compute the gross profit under each inventory costing method.
| Requirement 1. | ||
| FIFO | ||
| Sales Revenue | ||
| Cost of Goods Sold | ||
| Gross Profit | ||
| Requirement 2. |
| LIFO |
| . | ||||
| Requirement 3. |
| Weighted-Average |
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March.
| Date | Activities | Units Acquired at Cost | Units Sold at Retail | |||||||||
| Mar. | 1 | Beginning inventory | 160 | units | @ $52.20 per unit | |||||||
| Mar. | 5 | Purchase | 255 | units | @ $57.20 per unit | |||||||
| Mar. | 9 | Sales | 320 | units | @ $87.20 per unit | |||||||
| Mar. | 18 | Purchase | 115 | units | @ $62.20 per unit | |||||||
| Mar. | 25 | Purchase | 210 | units | @ $64.20 per unit | |||||||
| Mar. | 29 | Sales | 190 | units | @ $97.20 per unit | |||||||
| Totals | 740 | units | 510 | units | ||||||||
4.Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 95 units from beginning inventory and 225 units from the March 5 purchase; the March 29 sale consisted of 75 units from the March 18 purchase and 115 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.)
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I need help filling the table!!
E7-6 Analyzing and Interpreting the Financial Statement Effects of Periodic FIFO, LIFO, and Weighted Average Cost [LO 7-3]
| Orion Iron Corp. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. |
| Transactions | Units | Unit Cost | ||||
| a. Inventory, Beginning | 350 | $ | 14 | |||
| For the year: | ||||||
| b. Purchase, April 11 | 950 | 12 | ||||
| c. Purchase, June 1 | 700 | 15 | ||||
| d. Sale, May 1 (sold for $42 per unit) | 350 | |||||
| e. Sale, July 3 (sold for $42 per unit) | 610 | |||||
| f. Operating expenses (excluding income tax expense), $18,000 | ||||||
| Required: |
| 1. | Calculate the number and cost of goods available for sale. |
| 2. | Calculate the number of units in ending inventory. |
| 3. | Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) |
| 4. | Prepare an Income Statement that shows the FIFO method, LIFO method and weighted average method. |
| 6. | Which inventory costing method minimizes income taxes? | ||||||
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